1H-22 QAMCO IR Presentation

CLASSIFICATION: C1 - CONTROLLED Macroeconomic updates Aluminium prices ($/MT) Alumina prices ($/MT) 4500 -Aluminium LME spot prices ($/MT) 750 -Alumina spot prices ($/MT) 4000 650 3500 3000 550 2500 450 2000 350 1500 1000 250 Jan-20 Dec-20 Dec-21 Jun-22 Jan-20 Dec-20 Dec-21 Jun-22 • • Macroeconomic environment remained uneven during the first half of 2022. Demand for primary aluminium continue to remain firm across key aluminium intensive sectors like automobiles (especially electric vehicles), construction, renewable energy and packaging. However, China's recent COVID-linked lockdowns has impacted demand for aluminium in the short-term. Supply remained in deficit, given exorbitant energy prices which challenged smelting capacitates and led to widening of inventory deficits. Also, trade disengagement from Russia amid geo-political tensions created uncertainty in the commodity markets. • On an overall basis, aluminium prices demonstrated essentially bullish trends during 1Q-22 amid persistent constructive demand and supply shortages. However, during Q2-22, LME prices softened on account of uncertainties over recessionary fears and limited demand. 16 Note: Market prices have been sourced from Bloomberg and may not reflect prices achieved by QAMCO JV QAMCO, IR Presentation, 1H-22

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